The US authorities seized 127,271 Bitcoins (price approximately $15 billion) belonging to Chinese businessman Chen Zhi, bringing its total BTC holdings to 325,283 BTC. This brings the price of US Bitcoin holdings to over $37 billion.
After US President Donald Trump took office, the nation offered that it could perhaps well invent a Bitcoin reserve and would now now not promote any BTC any longer.
The seizure, conducted by the US Department of Justice’s (DoJ) National Safety Bureau, is the largest Bitcoin seizure in the department’s historical past. Chen Zhi is identified because the founder and chairman of the Cambodia-essentially essentially based multinational Prince Conserving Group.
In step with the DoJ’s assertion, Chen Zhi and his team had been operating cryptocurrency fraud schemes identified as “pig butchering” via “labor camps” they established at some level of Cambodia.
“The opposite folks held captive in these camps had been compelled to work in cryptocurrency fraud schemes that stole billions of bucks from victims in the United States and all the scheme in which via the enviornment,” the assertion mentioned.
In step with the US Treasury Department, the proceeds had been laundered via bigger than 100 shell and keeping corporations worldwide, concealing their traces.
Chen Zhi, 38, reportedly renounced his Chinese citizenship and stays a fugitive living in Cambodia. Prince Group is reportedly operating in the correct estate and finance sectors, nonetheless in the support of the scenes, it has turn out to be one of Asia’s biggest criminal organizations.
*That is now now not funding advice.
